ACI Worldwide’s innovative Fraud Management solution has the potential to become the leading tool in online fraud prevention.
The payments industry landscape is rapidly changing with the introduction of new technology such as real-time payment solutions and open banking platforms. This fast-paced evolution is forcing key players to either develop such solutions themselves or acquire companies that are developing them.
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One of the most important changes happening in the industry is the transition to a cashless economy. The gradual disappearance of cash transactions is fuelling rapid growth of the online payments sector.
While payment companies are scaling up their operations to support their customers and are developing solutions to streamline online payment processes, online security is an area they also need to focus on.
ACI Worldwide – one of the leading payment providers – partnered with Swedbank to help fight online fraud. ACI’s machine learning-powered Fraud Management solution has been integrated into Swedbank’s banking network.
Through its partnership with ACI Worldwide, Swedbank reported that cases of card fraud dropped by 55% while improving the online customer experience.
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By GlobalDataOnline fraud cases have been on the rise in recent years and are expected to continue climbing as the volume of online transactions keeps growing. Cybersecurity Ventures is projecting the cost of cybercrime to reach US$10.5 trillion by 2025.
The latest ransomware attack – launched by a group called Ransomware Evil (REvil) and currently affecting more than 200 businesses worldwide – highlights how vulnerable companies are to fraud and online hacks. In order to protect the businesses and consumers that rely on them, payment companies need to stay ahead of online criminals by developing innovative security solutions that are easy to implement.
By using machine learning within its Fraud Management tool, ACI Worldwide is able to deliver a solution that can predict and identify consumer behaviours and segregate fraudulent consumers from legitimate consumers. It also helps businesses integrate Strong Customer Authentication compliance without negatively affecting the customer experience.
One key benefit of this tool is its ability to use machine learning to achieve incremental improvement, enhancing its fraud detection abilities. As fraud patterns and techniques change so will ACI’s tool.
Supporting its business clients with solutions such as fraud management is part of ACI Worldwide’s wider long-term strategy of becoming the single provider of online solutions for its clients. By expanding its suite of tools it is able to create new revenue models for its business and further integrate itself within its clients’ infrastructure, making them more dependent on its offerings.
ACI’s approach to online fraud prevention should be embraced across the industry and its competitors should consider adopting similar solutions. With cases of online fraud projected to increase, payment providers that do not invest in fraud management solutions will not be able to compete with the likes of ACI Worldwide.
This was written by Chris Dinga, GlobalData payments analyst.
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